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Bitcoin has reached a stunning all-time high of $124,000 as institutional interest and expectations for a potential Federal Reserve rate cut continue to drive the cryptocurrency market upwards.
According to TradingView data, the world’s largest crypto asset currently trades at around $123,591, representing a substantial 7% increase in just seven days. This significant surge has propelled Bitcoin above Alphabet and Amazon, restoring its position as the fifth-largest asset by market capitalization on CompaniesMarketCap.
It is worth noting that Ethereum is approaching its all-time high of $4,878, currently hovering around $4,700. The cryptocurrency’s value rally comes as markets increasingly anticipate a September interest rate cut, driven by weaker-than-expected job growth, inflation near forecasts, and sustained institutional interest.
US Treasury Secretary Scott Bessent has urged the Fed to consider a 50-basis-point rate cut. Other crypto assets have also seen substantial gains, with OKX’s OKB token leading the way with a remarkable 134% surge in daily returns.
Source: cryptobriefing.com
